Kazakhstan investigates pyramid scheme by Chinese national


A company established by a Chinese citizen took advantage of people by telling them it would build a pharmaceutical factory / Shutterstock

The Financial Monitoring Agency (FMA) of the Republic of Kazakhstan has been investigating 17 criminal cases linked with Chia Tai Tianqing, a Ponzi scheme company established by a citizen of China. His two criminal associates are currently in custody, according to the agency.

«A Chinese national is allegedly a key figure behind this Ponzi scheme. He’s already left the country,» the FMA said in a statement.

A fake company collected money from people under the pretext of investments in a pharmaceutical factory, nutrition supplements and other health products production.

Even though Chia Tai Tianqing had worked in Kazakhstan since July 2022 until recently, it was never officially registered in Kazakhstan.

«According to preliminary information, the perpetrators managed to collect more than $15.3 million,» the law enforcement agency highlighted.

Last week, the FMA called on people who were cheated by Chia Tai Tianqing to contact the agency. So far, more than 200 individuals have filed their complaints about the fraud.

According to statistics, Almaty, Astana and the Karaganda regions are areas where people tend to not worry too much about risks associated with shady businesses. As the FMA reported, several pyramid scheme companies in Almaty took advantage of more than 20,000 people.

In 2022, the agency shut down 29 pyramid scheme businesses in Kazakhstan with a total damage of $18.1 million. Despite these facts, people have continued to put their money into dubious enterprises.

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